On June 27, * ST Mubang and Star Shuaier issued announcements respectively. It was disclosed that the 10GW photovoltaic cell project and the 2G W high-efficiency solar energy photovoltaic cell project were suspected to be shut down
on June 27." * ST Mubang (hereinafter referred to as the "company") announced that the company had recently learned that some bank accounts and fund-raising accounts had been frozen. The frozen amount is about 2686.
After the contract is signed, CLP III will fulfill its construction obligations according to the contract, but on April 26 , 2025, Guangxi Mubang Hi-Tech notified the construction party to withdraw due to financial problems . As of June 27 , 2025, Guangxi Mubang Hi-Tech has paid a total of 20 million yuan to CLP III, and the remaining amount has not yet been paid.
In response, CLP III has filed a lawsuit with the Intermediate People's Court of Wuzhou City, Guangxi, with a lawsuit amount of about 5928
. In terms of performance, according to the annual report of * ST Mubang in 2024 and the quarterly report in 2025, the bank account of * ST Mubang has been frozen for 12443 of 0.72 million yuan , of which the special account for raising funds has been frozen for 12429
. In 2024, the company achieved annual revenue of 2.7.7 billion yuan , with a net profit loss of 1.162 billion yuan ; In the first quarter of 2025, * ST Mubang continued to lose money . Its single-quarter net profit loss reached 9948.
response, Star Shuaier explained in the announcement that in view of the current market environment and the progress of the implementation of the project, in order to improve the efficiency of the use of the raised funds, the company intends to terminate the construction of the project. The surplus fund raised by the project will be used to permanently supplement the working capital for the daily production and operation of the company.
It is reported that the project is constructed by its wholly-owned subsidiary Hangzhou Xingshuai er Photovoltaic Technology Co., Ltd. and is located in Changkou New District, Fuyang District, Hangzhou, Zhejiang Province, with a total investment of 4.
浙公网安备33010802003254号